2019 (5) TMI 1823

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.... Sethi , Member ( T ) For the Appearing Parties : Piyush Bansal , Advocate For the Respondents : Nilesh Bhardwaj , Advocate and Party-in-Person ORDER Pradeep R. Sethi, Member (T) 1. CP(IB) No. 74/Chd/Hry/2018 was filed by Shri Sandeep Bidani Financial Creditor for initiation of Insolvency Resolution Process against M/s. Praxis Developers India Pvt. Ltd. (Corporate Debtor). Vide orde....

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....ection 12A in Form FA of the Schedule for withdrawal of the application under Section 12A of the Code. It is stated that the application was not accompanied by bank guarantee towards estimated costs incurred for the purposes of Clause (c) and Clause (d) of Regulation 31 till the date of application as per the mandatory provisions of the Regulations and that the corporate debtor has undertaken to p....

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....ide that the application for withdrawal under Section 12A shall be submitted before issue of invitation for expression of interest under Regulation 30 A. The Hon'ble Supreme Court by its order dated 14.12.2018 in Brilliant Alloys Pvt. Ltd. Vs. Mr. S. Rajagopal & Ors., SLP (Civil) No. 31557/2018 has stated that Regulation 30A (1) is not mandatory but is directory for the simple reason that on t....

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....de was approved by the COC with 100% voting share. In view of the facts and in view of the judgment of the Hon'ble Supreme Court in Brilliant Alloys Pvt. Ltd. Vs. S. Rajagopal and Ors. (supra) the application for the withdrawal under Section 12A is being allowed even after issue of invitation for expression of interest under Regulation 30 A. 6. As regards compliance of Regulation 30A (2) fo....